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400,000 over 50s consider leaving UK to escape recession

24 November 2008 / by None

As a recession begins to take hold of the UK, more than 400,000 Brits over 50 are planning to turn their back on Britain in search of financial security, research from RIAS has revealed.

According to the research from insurance provider, RIAS, despite moves from the Government to limit the damage done by the recession, including the interest rate cut of 1.5 per cent, Brits over 50 continue to fear for their finances.

RIAS found that as the UK economy contracts and unemployment is expected to rise by 25 per cent, there are actually one in ten Brits over 50 who are 'seriously' considering leaving the UK, on top of the 400,000 who have already planned to leave.

Commenting, managing director at RIAS, Janet Connor said: "It can be difficult for people who have worked hard all their lives to face a financially restricted retirement here in the UK."

And, according to RIAS, although the recession is global, the European Commission is forecasting that Britain will be harder hit than any other leading European country.

Janet Connor added: "And the obvious draws of expat life are clear for all to see: more often than not there is cheaper property, a better climate, and lower cost of living as well as the considerable health benefits of a Mediterranean diet and pace of life.

"There is also the fact that the EC expects the economies of other mature EU countries like France and Spain and Italy to begin a gradual recovery as early as the second half of next year, so emigration becomes an even more attractive solution."